David Malka is a former professional poker player and coach, who has since become a startup entrepreneur. He is the founder of the vacation rental management and investment firm Better Vacations. Recently, however, he has become quite active in the world of cryptocurrency, and claims to have made around $14,000 per hour, using an investment method known as “yield farming”. But how exactly does yield farming work? What is the risk of it? Is David Malka a legitimate crypto guy, or he’s just blowing some gas? This yield farming review will help you answer those questions.
To start off, let’s discuss first what in the world yield farming is. Like putting some seeds in enriched soil and allowing them to grow, yield farming is roughly the same. Well, almost. To put it simply, yield farming is the process of staking your crypto tokens so that they can potentially earn more. Basically, instead of spending your tokens in some form, you lock them in a so-called liquidity platform, and in exchange, you’ll be earning interest for adding liquidity from it. It’s basically like your depositing your money to a bank, and you gain interest from it by letting it stay there. Yield farming is the same idea, only you’re contributing to a lending platform rather than a bank.
This method of investment is commonly done on the Ethereum crypto platform, where investors use ERC-20 tokens and lock them up into so-called “smart contracts” for them to earn interest. Keep in mind that this is vastly different from actually investing and trading in ETH to earn money, as this means you’re going to have to spend your ETH tokens in order to trade them into money. Instead, you’re depositing those crypto tokens into one place (specifically, a liquidity platform), and the pool rewards you with interest from doing so. This way, you’ll be able to earn a form of passive income from cryptocurrency itself.
David Malka claims that he’s one of the top yield farmers in the world right now, and with his online masterclass program, you’ll also be able to learn how you can earn passive income through crypto yield farming. “I created the mastermind to bring together the world’s smartest yield farmers. This is an insane opportunity and so few people are taking advantage right now.”, David says. The masterclass contains everything that you can expect from a program like this, including various video lessons and other learning materials educating you all about cryptocurrency, and even its underlying technologies like blockchain, etc. In addition, you can also get some coaching sessions with David himself, and even get to see firsthand how he uses the yield farming method to the fullest.
The masterclass offered by David Malka himself seems to be legitimate. And based on reviews on Trustpilot, his course has helped a lot of people achieve that elusive financial freedom, and gave them a greater understanding of the world of crypto. But the only thing that I didn’t like about this is that, all throughout the descriptions for this course, it’s like they’re promoting the masterclass (and even cryptocurrency itself) as a “get rich quick” scheme. This is a very wrong mindset to instill, especially to first-time crypto investors. While there’s some truth that yield farming can potentially give you 50%-300%, returns, that same amount of spike could also work against you. That’s because cryptocurrency, whether it’s ETH or BTC, is an extremely volatile asset to invest in, even more volatile than stocks and other securities. Thus, at one period, you might be earning around $14,000 in yield farming interest, but be careful because there’s also a chance that you may even earn nothing at all.
And as with any kind of investment, yield farming also has its risks. A notable risk is that you can be subject to liquidity pool scams, or even the dreaded “crypto rug pull” if you’re not careful. A rug pull is when the pool owner cashes in a very large chunk of the investments contained within it, essentially draining its liquidity. When it happens, your token will lose its value completely, and good luck on recouping the investments that you made by staking those tokens into the pool. Also, “gas” fees, or basically transaction fees, can also become expensive, further reducing the total earnings you can gain. This is even made worse when more people do yield farming in a single pool, the gas fees will skyrocket as well. It may not be a problem for wealthier people, but it’s certainly bad for many of us.
Again, it’s not to say that David Malka is a scam. He’s as legitimate as he can be. But I don’t really recommend diving into anything cryptocurrency-related if you don’t have the right knowledge and research for it. Moreover, if you want something that can help you earn a steady and stable source of income, then cryptocurrency isn’t something you have to do. If anything, the money that you use in investing in crypto may be better spent on something that can teach you an effective online business instead.
ALTERNATIVE: This Can Definitely Let You Earn Steady Income